Single women may find it a little difficult to purchase a home as compared to married couples. Single women, however, should invest time and energy into researching the properties that they wish to purchase and follow a solid strategy for taking a home loan. You should first analyze the affordability quotient with regard to the budget that you can afford to allocate for the home purchase. You should work out the amount you will have to shell out as the down payment. Thereafter, calculate the EMI that is payable every month. Calculate how much you can afford to pay every month as EMI without throwing your monthly budget off gear.
You can get loans up to 80-85% of the property value and will have to shell out the remainder as down payment, stamp duty, processing fees and other taxes. Single women should start investing and planning earlier in order to accumulate the desired down payment amount. You can consider investing in mutual funds via SIPs for a few years before applying for a home loan. You should also strive to maintain a good credit score. You should use your credit card wisely and repay in a timely manner within the interest free deadline in order to drive your score further upwards. Having a good credit score of 750 or above will make it easier for you to get a home loan.
Single women should check whether their income meets the eligibility criteria. There are several government benefits available with regard to stamp duty waivers, discounts and discounts on registration charges for female borrowers. You should check these out carefully before applying. There are several specially discounted home loans for women offered by various banks and financial institutions. Interest rates may be lower to the tune of 1% or a little less under these special offers. Several financial institutions waive processing charges on their home loans as well. Single women should aim for longer home loan tenors since this equates to a lower EMI and they can prepay the loan before the tenor ends later on.
There is the CLSS (Credit Link Subsidy Scheme) that can be availed with government subsidies on interest up to Rs. 2.67 lakhs for buyers in EWS, LIG and MIG categories. The scheme will always offer preference to single working women and widows. Single women should always have a proper repayment plan for home loan EMIs. There should be a contingency corpus which will help in repaying EMIs for a few months in case of any loss in income, job losses and so on.